ICYMI: Over the past several days, leaders from over 20 non-Western nations met in Tianjin, China, for the Shanghai Cooperation Organization (SCO), a regional security bloc formed over two decades ago by Russia, China, and 4 Central Asian nations that aimed to counterbalance the power of NATO. This year’s meeting drew significant attention from Western nations and leaders, notably President Donald Trump, given the timing and growing significance of the bloc. In a direct challenge to U.S. power, the summit saw the three economic powers of Russia, India, and China (RIC) pressing their vision for a new economic order and global security that prioritizes the Global South.

Breakdown: The summit occurred at a particularly contentious geopolitical time period. In recent months, the Kremlin has publicly pushed aside America’s pressure for peace in Ukraine, Beijing has continued to battle Washington over trade, Taiwan, and global dominance, and India, long sought to be a crucial trade partner to the West and counter-weight to Russia and China, has been slapped with 50% tariffs over purchases of Russian oil by the United States.

With looming political pressure from the U.S., from the beginning of the summit, the three RIC leaders, Xi Jinping, Vladimir Putin, and Narendra Modi, seemed aligned to send a sharp message to Trump. From hand-holding, hugs, and shared private car rides between Modi and Putin (which occurred just weeks after Putin and Trump’s own shared car ride at the Alaska summit), the leaders continued their long-standing policies and desire to push toward unity and a new global order.

However, this summit notably caught the attention of the Western world because of the shared defiance among two of the most populous nations and three of the biggest global economies despite contentious issues between the member nations.

During various speeches throughout the summit, the RIC leaders pledged unity, “peace and trust”, and a renowned commitment to be “partners not rivals”. In a direct swipe against the United States, President Xi announced that the SEO bloc must “continue to take a clear stand against hegemonism and power politics, and practice true multilateralism” against U.S.-dominated power politics. Xi also called for an SEO development bank, a major step toward circumventing the U.S. dollar as the world’s reserve currency. He added Beijing would provide 2 billion yuan of free aid to member states and a further 10 billion yuan of loans to an SCO banking consortium to fuel this aspiration. This was quickly followed by a call for a BRICS meeting from Brazil, which coincidentally includes Russia, India, and China as leading members and has also long sought an alternative payment system to the U.S. dollar.

Implications: What does this all mean? The major takeaway is RIC’s determination and solidarity in the face of the Trump presidency. The three nations, putting aside their long-standing differences, are working together toward pushing for a new global order. This has been particularly worrisome for President Trump, as the relationship he had sought with Putin has publicly shifted to a strong relationship with RIC members, rather than the U.S. Furthermore, despite U.S. pressure, the friction has provided India the opportunity to “mend fences” and grow closer to China, in direct opposition to the United States’ foreign policy goals. Ultimately, the growing bonds between these nations demonstrate a long-term shift against the U.S.-dominated world order and geopolitical initiatives, a crucial geopolitical move to counter U.S. power. With the upcoming BRICS meeting, growing economic turmoil in Europe (see below), and renewed desire to circumvent the U.S. dollar, this global shift could spell major trouble for further U.S. geopolitical initiatives in the future.

_{Emerging Markets Weekly Digest brings you concise, insightful coverage of the geopolitical forces shaping emerging markets. Each week, we highlight both immediate developments and long-term trends, combining headlines with thoughtful analysis. Our goal is to give you the context behind the news—so you can understand why it matters.}